PwC's 28th Annual Global CEO Survey: Nigerian perspective

From resilience to reinvention

Publication
8 minute read
May 05, 2025

PwC's 28th Annual Global CEO Survey polled 4,701 CEOs in 105 countries and territories, from 1 October to 8 November 2024. In Nigeria, 36 CEOs participated in the survey.

Our Nigeria report reveals a narrative of opportunity and optimism. Despite economic uncertainty, CEOs in Nigeria remain optimistic about the economy and their business’s success.

CEOs remain optimistic about the economy, with nearly 60% of CEOs globally and 61% in Nigeria anticipating a rise in economic growth over the next 12 months, up from 38% in last year's global survey.
Despite economic challenges like inflation and macroeconomic volatility, CEOs are optimistic about the growth of Nigeria’s economy, with 64% expressing confidence that the economy will improve.
In response to growing economic pressures, CEOs in Nigeria are reinventing their operations and business models to create value in new ways. They are focused on three key priorities: strategic reinvention, Generative AI (GenAI) and sustainability. They report exploring new sectors (61%) and targeting new customer segments (56%), demonstrating agility and positioning themselves for success.
The adoption of Artificial Intelligence (AI) is emerging as a critical lever for long-term growth. There is a growing recognition of its transformative potential, with 81% of CEOs anticipating integration of AI into their technology within the next three years.
Although climate action isn’t seen as a major business threat, CEOs are taking proactive steps: 67% have made climate-friendly investments over the past five years. Notably, 61% of CEOs tie executive incentives to sustainability performance, recognising that long-term success depends on balancing financial growth with environmental and social responsibility.

From threats to disruption: Top pressures CEOs are facing

58%

CEOs in Nigeria are navigating a complex and challenging business environment, marked by macroeconomic volatility, inflation, high interest rates and currency fluctuations. These economic uncertainties remain top-of-mind for business leaders in Nigeria. Most of the Nigerian CEOs surveyed (58%) report feeling highly or extremely exposed to inflationary pressures, which is higher than the African average of 42% and the global average of 29%.

Inflation and macroeconomic volatility

31%

Thirty-one percent of CEOs (compared to the global average of 23%) are concerned about a looming skills gap, citing limited availability of workers with key skills.

Lower availability of skilled workers

25%

One in four of Nigeria’s CEOs are concerned about geopolitical conflicts, reflecting the country’s exposure to global and local security challenges. These risks include trade disputes, terrorism, and violence, which can impact business operations, investment decisions, and economic growth.

Geopolitical tension (including trade conflicts)

From disruption to reinvention: Three key CEO priorities

About four in ten CEOs (42%) surveyed believe their businesses won’t be viable beyond a decade without significant changes, signalling an urgent need for reinvention. In response, CEOs are taking the right actions to reinvent their business. Over the past five years, 61% of Nigerian CEOs have entered new sectors, ahead of 50% in Sub-Saharan Africa and 38% globally, 42% implemented new pricing models (vs. 34% SSA, 24% global), 39% targeted new routes to market (vs. 36% SSA, 25% global), and 56% expanded to new customer bases (vs. 42% SSA, 32% global).

Nigerian businesses are increasingly embracing AI, with expectations of widespread integration in the coming years. A significant 72% of Nigerian CEOs expect AI to transform workforce and skills strategies, compared to 60% in Sub-Saharan Africa (SSA) and 68% globally. AI is also increasingly a key part of corporate strategy, with 61% of Nigerian CEOs expecting AI to be integrated into their core business strategy, slightly above the 58% in SSA and globally. Additionally, 67% predict AI will drive new product and service development, compared to 61% in SSA and 30% globally.

With macroeconomic instability and inflation ranking as top concerns, it is not surprising that Nigerian CEOs do not view climate change as an immediate business threat, only 3% report high or extreme exposure, compared to 14% in Africa and globally. However, 67% have initiated climate-friendly investments in the past five years, indicating a strategic rather than risk-driven approach.

Your next move

CEOs should embrace AI and integrate it into core business strategies, product development, processes, and workforce management to drive innovation, improve operational efficiency, and enhance competitiveness.

Leverage digital transformation to drive innovation and efficiency

To stay competitive, Nigerian CEOs should embed innovation in their products, expand their market footprints across segments and geographies, and reconfigure their distribution models for efficiency and better service delivery.

Adapt to market dynamics and changing consumer needs

Effective decision-making is crucial for CEOs navigating change. Yet, many companies’ strategic decision-making processes are inconsistent. Proven practices, such as transparent decision criteria and seeking alternative viewpoints, can help counter biases. By adopting robust decision-making processes, CEOs can make better decisions, even in uncertain times.

Develop robust decision-making frameworks that combine data-driven insights with intuition

To future-proof their businesses, Nigerian CEOs should prioritise integrating climate considerations into their strategic planning, assessing potential impacts on business strategy, assets, workforce, and products.

Integrate climate actions into strategic planning